Qualifyze, the online platform for supplier audits, today announced the completion of a Series A financing round of $14 million.
The lead investor is HV Capital. The existing investors Cherry Ventures, Rheingau Founders, Axel Springer Porsche and Dr Udo Jung also participated again.
Qualifyze wants to solve the problem of “supply bottlenecks” in the pharmaceutical industry, which has also experienced broad visibility due to the Covid19 pandemic. Through the platforming and digitization of physical inspections, the start-up continuously collects data from worldwide factories. Qualifyze provides this data to its customers after the consent of the supplier. In order to be able to recognize and eliminate possible problem hotspots at an early stage, the start-up is working on AI-driven analysis tools. In the long term, Qualifyze wants to offer a compliance-as-a-service model and also provide a guarantee of liability for supply chains in addition to pure audits and data evaluation. With the new money, Qualifyze wants to increase the number of affiliated suppliers tenfold and accelerate recruitment in the German and Spanish offices.
Product recalls and supply chain problems are a regular phenomenon in many industries. This is particularly critical in the pharmaceutical industry because recalls sometimes have dramatic effects and quickly lead to supply bottlenecks for medicines. Between 2000 and 2018, these bottlenecks in the EU increased twentyfold. 50 per cent of the currently missing drugs are needed in cancer therapy, anti-infectives (vaccines) and for the treatment of diseases of the nervous system (epilepsy, Parkinson’s disease). This also has devastating consequences for the pharmaceutical companies themselves, because they lose billions of euros, which are then missing from research into new funds.
Florian Hildebrand, CO-CEO of Qualifyze stated “HV Capital is a partner who will now contribute to the growth of the company. With Qualifyze, we want to create something really important for industry and play a central role in a sustainable and at the same time economic future. True supply chain control only works through reliable and continuous data. Our approach has no alternative.”
Qualifyze was created as part of doctoral research at TU Darmstadt in September 2017 with the vision of enabling companies to build and maintain secure and sustainable supply chains. Qualifyze builds the largest digital platform through which pharmaceutical companies can efficiently share data about their suppliers and manage audit processes. Benefits are created for all stakeholders. Since its seed financing just over twelve months ago, the team has been able to triple its sales and increase the customer base to over 400 customers. Behind Qualifyze is a 60-person, diverse team at two locations in Frankfurt and Barcelona.
Since 2000, HV Capital has invested in Internet and technology companies over various generations of funds and is one of the most successful and financially strongest early-stage and growth investors in Europe. HV Capital has already invested in around 200 companies, including Zalando, Delivery Hero, FlixMobility, Depop and SumUp. The total sum of all AGM funds is € 1.7 billion. The company supports start-ups with capital between € 500,000 and € 50 million. This makes HV Capital one of the few venture capitalists in Europe that can finance start-ups across all phases of growth.